Are You Going To Have A Real Estate Valuation?

Obtaining a valuation from a surveyor before the home goes on the marketplace is perhaps the most critical factor in securing a great asking price for your home. Unlike an agent (who simply forms an opinion as to the value of a property), a chartered surveyor is certified to carry out property valuations that financial institutions utilize to decide whether to offer finance.

Say, for example, your home is valued by a surveyor at $200,000, but you set the asking price at $250,000. If you get an offer on the home for anything over $200,000 you might get a bad surprise when the potential purchaser tells you they?ve been turned down for a mortgage. If the bank thinks the asking price is too high above the valuation they?ll see the mortgage as too great a danger.
So, you can see why it?s important that your surveyor returns with a great valuation. But can you impact the valuation that you get? Is their any method to increase the value of your home?

Indeed, there is. Here are just three quick tips that could add thousands of dollars to your appraisal with just a little effort.

Offer Recent Sales Data
One of the ways a surveyor will value your house is to compare it to the value of similar properties that have been recently sold in the same area. Before a valuation you must keep close track of local property rates, noting down the specifics of the estate agents who managed the sales so your surveyor can later confirm the sale prices.

The perfect time to sell your home is when you see that a home similar to yours was sold at a very high price. Instead of laughing at the mug who overpaid $30,000 for the place across the street, place a call to a surveyor and request a valuation of your own home.

Do Your DIY Today
Lots of people try to convince surveyors to take planned upgrades into account while valuing a house. ?We?re putting in a pool next month,? they?ll say, hoping to bump the valuation. Sadly surveyors can only think about the existing state of the property in their calculations.

If you have any plans for your property make sure that you complete them before the valuation of your property.

Do Not Over Capitalise
On the other hand, you must make sure that any home improvements you plan to make will raise the value of your home above the cost of making the improvements. If, for example, it costs $20,000 to add an extension to the back of your home, you must make sure (by checking for properties with similar improvements for sale in your area) that your investment will be rewarded with a boost in the valuation of at least $20,000.

Of course this only applies if you?re making the improvements to increase your valuation. If you plan to stay in the property another couple of years you must go ahead and do what you like.

So there you have it. Just three tips that could add thousands of dollars to real estate valuations. There are other things that can be done to increase the value of the property as well.

Source: http://www.villasandland.com/articles/are-you-going-to-have-a-real-estate-valuation/

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